Taxes: There's still time

Tuesday

Before the calendar turns, here are things you might consider doing to reduce the amount of taxes you owe in April or in the future. You can find more information at www.irs.gov:

• Donate cash or in-kind gifts such as clothing and furniture to qualified charities, and make sure you get receipts.

• Consider selling investments that have lost value: The IRS allows capital losses of up to $3,000 more than reported capital gains.

• Prepay local real-estate or other property taxes.

• Prepay tuition for next semester if you qualify for Hope or Lifetime Learning tax credits, which are available for singles earning less than $58,000 and married couples filing joint returns earning less than $116,000. The IRS Web site has more details about the credits.

• Make gifts of up to $12,000 for general purposes or unlimited gifts for educational purposes. Consider making that gift to a child's or grandchild's 529 college plan.

• Extend subscriptions to professional journals, pay dues to union or professional organizations, and enroll in and pay tuition for job-related courses.

• Maximize contributions to IRAs and Roth IRAs; the deadline for 2008 contributions is April 15.

Source: Associated Press

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